DeFi
Indian Crypto Exchange CoinDCX’s DeFi Arm Okto to Launch Points Program and Blockchain
Indian crypto exchange CoinDCX has expanded what started as the Okto wallet into an Okto ecosystem, which will include the launch of a blockchain, token and points program starting Tuesday.
The goal is to offer users around the world a one-click mobile experience while browsing the Web3 space, its co-founders Neeraj Khandelwal and Sumit Gupta told CoinDesk in an interview.
The goal of the Okto points program is to initiate the launch of the Okto blockchain, which will take place later in 2024. This is also when the launch of the OKTO token will take place to power this chain. The points program will reward users for their on-chain trades, and those trading elsewhere can earn bonus points by moving their assets to the Okto wallet. Up to 7% of the OKTO token will be airdropped to early adopters.
CoinDCX launched Okto in August 2022 as a DeFi mobile app with an integrated wallet aimed at making it easier for consumers to transition from crypto to DeFi. Since then, he has spent nearly two years testing ways to solve the problem of a broken user experience in order to engage the next billion Web3 users.
“The self-custody wallet experience was completely broken and required users to jump through several hurdles in the Web3 space like blockchain, self-custody, security and trust, signing transactions or fees gas,” Khandelwal said. “Okto is the first system of its kind that delivers a one-click Web 2-like mobile experience in Web3.
The idea of creating a native experience was made possible in stages by first working on a solution internally to streamline the process of using the different elements of DeFi.
In the second phase, the solution was packaged into a software development kit (SDK), which is a set of software development tools, and made available to external entities in a centralized scenario. This allowed developers to create applications without needing to understand the intricacies of each blockchain.
“After experiencing the challenges of building a full-chain abstract Okto wallet, in Phase 2 we introduced the Okto Web3 SDK, an industry-first integrated wallet enabling any application or internet company to fully leverage the potential of Web3,” Khandelwal said. We are currently building an entire Okto ecosystem. »
“We believed that all CeFi platforms would eventually have a DeFi branch,” said Sumit Gupta, co-founder of CoinDCX. “The Okto Channel will power thousands of applications created in the Web3 space.”
More than 20 applications are built via the SDK, more than 50 chains and protocols have been integrated, and more than a million wallets have been created on what they call the “Okto orchestration layer.”
“We are not just targeting one partner or ecosystem, but hoping to enter into multiple partnerships to help us make this ubiquitous globally,” Khandelwal said without naming a specific entity.